High inflation, a turbulent stock market and a recession loomed before Social Security reform happened in 1982. Conditions are increasingly similar now, but will reform ever get going?
The economic climate today mirrors many conditions of the 1980s when Social Security had its last sweeping changes, experts say, and while that could help to spark a new round of reform, the current political climate may make change difficult any time soon.
“We still have 13 years to go and strong employment numbers currently,” Johnson said. “But the longer you wait, the bigger the changes that have to be — the bigger the cuts will be. It’s in everyone’s best interest to get everyone working together now.” “Every year we wait, it gets harder for recipients to plan. The program is not going to look like it promises to,” MacGuineas said. “By waiting to the last minute, the more likely the changes will be abrupt.”
Even with doubts about the soundness of the Social Security system, most Americans reject the idea of reducing benefits for future retirees. When asked to think about the long-term future of Social Security, only 25% say some reductions in benefits for future retirees will need to be made, while 74% say benefits should not be reduced in any way, the Pew Research Center found.
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